Refinancings fuel uptick in mortgage applications

Despite indications that America's labor market is surging again, home loan rates remained about where they have been -- at their lowest levels in three years.

Bankrate.com, which puts out a weekly mortgage rate trend index, found that more than two-thirds of the experts it surveyed say rates aren't going anywhere any time soon. Seventy percent of the panelists think they will move no more than plus or minus two basis points (a basis point is 0.01 percentage point) in the next week.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average ticked up to 3.45 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 3.43 percent a week ago and 3.94 percent a year ago. The 30-year fixed rate has remained below 3.5 percent since late June.

The 15-year fixed-rate average increased to 2.76 percent with an average 0.5 point. It was 2.74 percent a week ago and 3.17 percent a year ago.

The five-year adjustable rate average was also higher, moving to 2.74 percent with an average 0.5 point. It was 2.73 percent a week ago and 2.93 percent a year ago.

Refinances drove mortgage applications higher this week, according to the latest data from the Mortgage Bankers Association.

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